After 16 years, CLICO compensation issues still unresolved

Prime Minister Gaston Browne is expected to lead a delegation to Trinidad & Tobago to discuss the payment of millions of dollars owed to former policyholders of the Colonial Life Insurance Company, CLICO, and the British American Insurance Company, 16 years after their initial collapse and government rescue.

Director General of Communications for the Antigua government, Maurice Merchant, said that while no date had yet been fixed for the meeting, the issue was discussed on the sidelines of the recent United Nations General Assembly between Prime Minister Browne and Prime Minister of Trinidad & Tobago, Kamla Persad Bissessar.

Merchant said both leaders agreed the long-standing issue should be settled and that preparations are now under way talks in Port of Spain.

“The prime minister is putting together a team of officials from various ministries to travel to Trinidad. As soon as a date is set, he’s ready to go. It was agreed during their discussions in New York that there will be a settlement,” Merchant said.

Back in July 2022, Prime Minister Browne had floated the possibility of Eastern Caribbean countries filing a lawsuit against Trinidad & Tobago in order to recover outstanding payments of US$60 million connected to the collapse of CLICO and British American Insurance in 2009.

Browne said then that the Trinidad & Tobago government had made a commitment to pay US$100 million to the countries of the Eastern Caribbean Currency Union, ECCU, but only US$40 million was disbursed.

A group of former policyholders of the two companies, calling themselves BACOL, filed a lawsuit against the TT government over the collapse of CLICO and British American Insurance, saying the collapse resulted in losses of over EC$800 million. However, last October the Caribbean Court of Justice dismissed the claim and ordered the parties to bear their own legal costs.

Merchant said Browne was hopeful an agreement can be reached with Persad Bissessar on the issue.

“The prime minister believes that after so many years, the people of Antigua and Barbuda and the wider OECS deserve closure,” Merchant said, adding that an announcement will be made by the Office of the Prime Minister once the meeting date is finalised.

CMC